SEC says plans to appeal court ruling in Ripple case
SEC intends to appeal the ruling in the Ripple case because of "judge error"
Commission asked the judge to disregard part of the ruling in the Ripple lawsuit due to inconsistency with securities laws
The U.S. Securities and Exchange Commission (SEC) said it will appeal a ruling by U.S. District Judge Analisa Torres in the Ripple Labs case, The Wall Street Journal reported.
SEC officials said the ruling "wrongly transforms" the decades-old Howey test into a subjective standard. The regulator has asked the court to disregard the ruling in the Ripple case and has signaled that it plans to appeal.
What is the Howey test? Why the SEC is evaluating cryptocurrencies by 1940s standards
On July 18, SEC head Gary Gensler said he was "saddened" by the decision in the Ripple case. The SEC is still "studying and evaluating" the court decision, he said.
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